CHICAGO— A 362-unit Marriott Renaissance Suites under construction near O’Hare Airport here has received additional financing and is expected to be completed in first-quarter 2002. Wexford Bancgroup provided partial debt and equity funding, together with investment advisory services. The transaction structure consisted of a four-year, interest-only $38.5 million bridge financing loan, $7.8 million in mezzanine financing, plus $10.2 million in equity funding for the new construction project. Wexford provided partial financing for the bridge and equity funding. A permanent loan is expected to be funded upon the 14-story project’s completion and property cash flow stabilization.
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